Lease signings delayed for downtown Reno development

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Monday, Aug. 30, 1999 | 4:30 a.m.

DDR-OliverMcMillan says there is a "renewed interest" in downtown property, but will ask Reno officials today for a nine-month extension to sign leases with shops and restaurants.

The developer also wants the time to delay repayment of $2.5 million to the city for the retail block and the Riverside Hotel.

Economic Development Manager Dorene Soto's report to the Council said that while OliverMcMillan will not meet its current commitments, the staff believes it is important to extend and modify the terms of the contract to allow the developer to meet its obligations.

No leases have been signed for the first block of shops and restaurants that was supposed to open next month.

The riverfront project stretches from West to Virginia streets, and when finished it will link the Mapes and Riverside hotels to a multiplex theater with a chain of shops and restaurants.